Hong Kong Set to Launch Approved Bitcoin and Ethereum ETFs Next Week
The launch of the ETFs next week in Hong Kong will likely draw comparisons with the three-month-old US Bitcoin funds, which have already made a significant impact on Wall Street.
The launch of the ETFs next week in Hong Kong will likely draw comparisons with the three-month-old US Bitcoin funds, which have already made a significant impact on Wall Street.
In an attempt to reverse its fortunes, Grayscale revealed its plan to launch an innovative low-cost version of its GBTC fund named “Grayscale Bitcoin Mini Trust” with just 0.15% fees.
Despite some optimism that China’s crypto restrictions will not extend to ETFs, Bloomberg senior ETF analyst Eric Balchunas stated that it is highly unlikely to happen.
Despite recent outflows from Bitcoin ETFs, analyst Eric Balchunas says it’s only 1% of total inflows and calls it “minuscule” in the bigger picture.
The recent sight of ETF outflow aligns with Bitcoin’s downward trajectory. The cryptocurrency lost 13% of its worth over the past week.
Spot Bitcoin exchange-traded funds have seen steady trading volumes in April after reaching a peak in early March, maintaining solid activity around $215 billion.
GBTC’s decline coincides with a recent downturn in the crypto market, resulting in Bitcoin price falling drastically.
HashKey also disclosed that it will offer more services such as staking of digital assets to earn passive income.
GBTC, the largest Bitcoin trust globally, continues to face outflows, with $110.1 million exiting the fund on April 15, a decrease from $166.2 million on April 14.
During the last week, the nine Bitcoin ETFs saw their lowest weekly inflows at $572 million while GBTC alone registered $767 million in outflows making the net flows negative.